CPO FUTURES END MOSTLY HIGHER

SITI NOOR AFERA ABU

KUALA LUMPUR, March 23 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives ended mostly higher despite concerns over weaker demand going forward as importers like India and the Middle East imposed lockdowns to halt the spread of the COVID-19 pandemic.

Last Friday, cargo surveyor Intertek Testing Services reported that Malaysia's palm oil exports in the March 1-20 period fell 21.15 per cent to 644,421 tonnes from 817,314 tonnes during the same period in February.

A dealer said nevertheless, the lower ringgit versus the US dollar helped to push CPO prices.

As of 6pm, the local note stood at 4.4400/4480 compared with last Friday's close of 4.3947/4012.

At the close, spot month April 2020 and May 2020 rose RM10 to RM2,348 and RM2,321 per tonne, respectively and June 2020 added RM1 to RM2,289 per tonne, while July 2020 fell RM5 to RM2,276 per tonne.

Volume decreased to 65,436 lots from last Friday's close of 79,938 lots and open interest eased to 282,598 contracts from 303,338 contracts previously.

On the physical market, April South stood at RM2,330 per tonne.

-- BERNAMA

 

TAGS: Palm oil, CPO futures, weaker demand, Intertek Testing Services